The Democratic Party used to be the party of blue collar America- supporting laws and policies that benefitted that segment of the U.S. population. Their leaders may still claim to be advocates for American working families, however their duplicitous actions that betray American workers and their families, while undermining national security and public safety, provide clear and incontrovertible evidence of their lies…. MICHAEL CUTLER …FRONTPAGE mag

“During the years that Senator Joseph R. Biden Jr. was helping the credit card industry win passage of a law making it harder for consumers to file for bankruptcy protection, his son had a consulting agreement that lasted five years with one of the largest companies pushing for the changes, aides to Senator Barack Obama’s presidential campaign acknowledged Sunday.”

Dianne Feinstein, one of the most corrupt and self-serving politicians in United States history, has used her elected office to cut herself deals on a global level. From dirty deals with RED CHINA to being Bush’s savior from impeachment for war profits her husband collects.

Feinstein is a closet big business republican. She’ll do anything including sell out her state and nation for big business campaign bribes. (If you’re wondering how Feinstein avoids prison, she pays out bribes, through her husband, Richard C. Blum, to DEMS all over including CLINTON, BOXER, KERRY, KENNEDY, and the other Bush war whore, JOE BIDEN, so they keep their mouths shut. Feinstein also has Boxer positioned on Senate’s NO ETHICS REFORM COMMITTEE to sabotage any move that would put both of them in prison.

One of her many corporate paymasters are WELLS FARGO and BANK of AMERICA (OPENSECRETS.org).

In exchange for the dirty money she collects from BIG BANKERS, she fronted the bankruptcy bill the banker’s wrote for themselves. The so called “bankruptcy reform” is the single most important issue that will cause millions of Americans, with or without a Wells Fargo or BofA mortgage product, to lose their life savings banked in their home’s equity resulting from the BIG BANKER’S GLOBAL RAPE AND PILLAGE. With the FEINSTEIN BIDEN BANKER’S BANKRUPTCY FUCK YOU OVER LAW no one can go into Open Court and get an impartial judge to clean up the miserable mortgage product, terms of which can change per the Bank’s newest rape devices. By the time we’re at the bottom of the foreclosure crisis there will be no middle-class left.

Sitting next to Feinstein, as she whored for big bankers, was her La Raza sister, Hillary “Wall $t.” Clinton, her lap-bitch Barbara Boxer, and JOE BIDEN, who has taken massive amounts of bribes from BIG BANKERS, along with his family, just like Dianne Feinstein and Missy Wall $t., and BARACK OBAMA.

Even BEFORE Feinstein was collecting bribes from Big Banker Wells Fargo, this bank already had their mortgage license in the State of California!!REVOKED!!! for corruption and corporate malfeasance. Wells went into Court and attempted to have their license restored but the Court said NO. The bank simply declared itself ABOVE STATE LAW; as is the case of most banks, and went on to pillage the entire nation with their mortgage product crime wave.

Cleveland and Baltimore, as well as many cities all over the country, have been devastated by Wells Fargo’s mortgage product. Tax payers are footing the bills to demo properties all over abandoned to the foreclosure crisis. These two cities are both going after Wells Fargo for the loses.

UNFORTUNATELY the mortgage crisis is only one of the many crimes perpetrated by Wells Fargo, et al. in their global pillage.

Both Wells Fargo and Bank of America are generous contributors to LA RAZA, the racist Mexican supremacist party for OPEN BORDERS, MUCHO WELFARE, HEAVY BREEDING CATHOLICS, and AMNESTY to keep wages for legals depressed.

Although it is technically against the law to open bank accounts for illegals with phony ID’s, something the typical Mexican has pockets full of, these banks do it anyway! Mexico, eager to keep the cash flowing and has almost 50 consulates around their occupied territory of gringoland (the United Kingdom has only 8 in comparison, but then Mexican drug business is measured in billions). So lucrative for Mexico has the Mexican welfare state of gringoland become that these consulates handout “ID’s” to their people like grocery store coupons. The consulates even have rolling RVs driving around Mexican occupied territories handing out these phony, and unverified “ID’s”. ….(terrorist know this?). andWells Fargo and Bank of America use them to open accounts all over. Go into any bank in Mexican occupied Los Angeles and see how many illegals that can’t speak a single word of English, are making banking transactions.

It’s calculated that about 20% of these bank’s transactions with illegals is the transfer of Mexican drug money (CNN Lou Dobbs).

Another reason Feinstein’s paymaster Big Banks open accounts for illegals is that they’re great victims of BANK FEE PILLAGE. Illegals are also a highly profitable market for their mortgage products which the bank’s sell, profit from, and then dump on the mortgage market for innocent victims, and ultimately the tax payer to swallow the loses on.

There are lawsuits, and have been all along the time the old whore Feinstein was tucking their dirty money in her dirtier bra, against these banks unscrupulous “racist” profiling that results in higher interest rates to illegals and other minorities.

Wells Fargo is the biggest financial backer of PAYDAY LOAN SHARKS which victimizes the poor, illegals and our men and women fighting the Bush – Feinstein (Google Feinstein and war profiteering) war to protect Big Bush Saudi Oil profits. These payday loan sharks charge 400% interests and any attempt to curb their abuse, or credit card pillage by Big Bankers has been thwarted by DIANNE FEINSTEIN, JOE BIDEN, BARBARA BOXER and HILLARY CLINTON. They know the hand that feeds them.

You probably were watching as Congress squirmed in front of the American people while they pretended to wanna fix CREDIT CARD COMPANIES, like the one that has Joe Biden, and family, bought and paid for, abuses which cost the American people billions. Reform of the pillage by Credit Card companies will never happen!

“During that time, executives at MBNA, which was bought in 2006 by Bank of America, began donating heavily to both major political parties and many national politicians, including Mr. Biden.”

Wells Fargo and Bank of America not only pillages the American people, and does so with impunity, they DON’T HIRE AMERICAN.

Go into any WELLS FARGO or BANK of AMERICA and you won’t find any American born employees. They’re all visa people. Indians, Chinese, Iranians, Russians, any one that will work cheap except an American.

And that’s only part of the menu of rape and pillage by Feinstein’s paymasters.

Now OBAMA wants to convince us he represents change? Just look at his Wall St. financial sector donors. He’s as much of a populist asformer WalMart board member Hillary “Walmart you up the ass” Clinton. Walmart being the largest employer of illegals with stolen social security numbers in America.

Now you may understand why Dianne Feinstein, Joe Biden, Barbara Boxer, Hillary and Billary, Nancy Pelosi, as well as Barack Obama are all busting their ass for the illegals’ illegal votes and AMNESTY.

Their bankers told them they best keep the illegals’ money rolling in and wages for American DEPRESSED.

NOW COMES WELFARE FOR BANKERS…. And what are these same banker’s whores doing about foreclosure? NADA!

THE HOUSING MESS….. or really more welfare for BIG BANKERS???

FORBESThe Housing MessLending Over Backward

By Joshua Zumbrun and Maurna Desmond 8-26-08

The FHA has been turned into the mortgage industry's lender of last resort. Taxpayer price tag? Maybe $100 billion.

DENVER -- When the nation's politicians take the stage here and later in St. Paul, Minn., you'll hear a lot of talk about saving the decrepit housing market, and lately that means one thing: The Federal Housing Administration.

Watch your wallet.

Heralded as a savior in reversing the mortgage market’s woes, risks to the agency could cost taxpayers dearly, says one mortgage expert, as Washington morphs the FHA from a helping hand for low-income home buyers into a back door bailout for the imploding mortgage industry. Trouble is, there's little choice at this point.

“Nobody is talking is talking about it, but in three years the FHA bailout is going to cost taxpayers at least $100 billion dollars,” said Guy Cecala, a mortgage industry insider and publisher of Inside Mortgage Finance. “Everybody on Capital Hill recognizes that there will be significant costs, but they’re trying to keep the housing spigot open even if it will bring in some bad water down the road.”

With investors all but gone from the mortgage market, the FHA's guarantee insures that lenders will fund loans they'd otherwise back away from. It's a role once filled by the evaporated subprime market. At the height of the lending frenzy in 2006, the proportion of loans insured by the FHA dwindled to a mere 2% of the market.

Now, lenders have nowhere else to turn. According to the Mortgage Banker’s Association, 30% of all July loan applications had FHA backing and, without a means or credit requirement, it’s the riskiest borrowers who are being shunted onto the government's books. (See "FHA's Risky Business.")

As the housing crisis cascaded, Washington looked for a mechanism to keep the mortgage market liquid. Enter the FHA. Like a competitive eater with a blindfold, the FHA is being force-fed loans that private lenders and other government programs won't swallow in an effort to shore up the industry.

Last month, the U.S. Congress passed, and President Bush signed, a massive housing bill that would allow the FHA to insure up to $300 billion of new mortgages. It also gave the Department of the Treasury authority to purchase shares of Fannie Mae and Freddie Mac, the floundering mortgage giants.

"To this point the FHA does not need money," says Richard X. Bove of Ladenburg Thalmann. "Once the new housing act is in effect, it is very likely taxpayer money will be needed."

It's not what the agency planned. Since 2005, FHA Commissioner Brian Montgomery has been working to go the other way, pushing for modernization. Among the provisions he wanted were access to the most basic tools of risk management, the capacity to charge higher premiums to riskier borrowers and the ability to reward better bets to even out the agency’s total liabilities.

But when the housing bill passed, that idea was put on the back burner. The FHA was saddled with a one-year restriction on charging risk premiums. As a consequence, the agency's ballooning portfolio is priced with no accounting for the fact that many of its borrowers lack substantial down payments, nor are they required to.

Even in this sinking market, borrowers only need to put 3% down to qualify for FHA backing, and borrowers currently unable to pay their adjustable-rate mortgages after the rates reset are allowed to refinance into FHA-backed mortgages.

FHA Commissioner Montgomery wouldn’t hazard a final bailout figure or comment on Cecala's analysis. “Right now, we just don’t know how bad it will be,” he says.

For the obliterated lending industry, FHA insurance is a hot product because of its enticing, credit-blind terms. Mortgage outfits are lining up to become licensed FHA-lenders. Since April, the number of FHA lenders has grown to 12,000 from 10,000, pumping a flood of subprime borrowers onto FHA's rolls.

“It’s clear in this market that there are no other low down-payment type mortgages that FHA specializes in,” says Jay Brinkman, an economist at Mortgage Banker’s Association. He also said that moving forward, the sheer surge in loan volume will present a challenge because that kind of sudden growth “at any operation, no matter how well run, will expose any existing problems.”

Brinkman added that “in the longer term, the question is, 'What is the credit profile that FHA is taking on?' ”

That profile is unlikely to be good. “It’s all about adverse selection with FHA,” said Cecala. “Somebody who has a 750 credit score and 20% down is not going to pick an FHA loan. You’re definitely getting a riskier borrower that simply wouldn’t qualify for mortgage insurance in the private sector.”

With U.S. home prices down 10% in the last 12 months and expected to fall perhaps 10% more in the coming year, the vast majority of homes the FHA insures in 2008 will be underwater. Requiring only a small down payment in a declining market is extremely risky because negative home equity has proved the best indicator for default in this housing cycle.

No lender in the private sector--even Fannie and Freddie, who have higher fees in falling markets--have the risk tolerance for making losing bets like this. They all require 10% to 20% on a mortgage in this sort of environment. But they're not the government.

“If it costs upwards of $500 billion down the road, should it not be done?” asks Cecala. “If it keeps the market running and FHA becomes the lender of last resort, policymakers really don't have an alternative.”

Nor, it seems, do taxpayers.

…….

JOE BIDEN THE BANKER’S BUM BOY!.....aka Mr. Change???

August 25, 2008

Obama Aides Defend Bank’s Pay to Biden Son

By CHRISTOPHER DREW and MIKE McINTIRE

During the years that Senator Joseph R. Biden Jr. was helping the credit card industry win passage of a law making it harder for consumers to file for bankruptcy protection, his son had a consulting agreement that lasted five years with one of the largest companies pushing for the changes, aides to Senator Barack Obama’s presidential campaign acknowledged Sunday.

MBNA BUYS JOE BIDEN…. And we’re fucked!

Mr. Biden’s son, Hunter, received consulting fees from the MBNA Corporation from 2001 to 2005 for work on online banking issues. Aides to Mr. Obama, who chose Mr. Biden as his vice-presidential running mate on Saturday, would not say how much the younger Mr. Biden, who works as both a lawyer and lobbyist in Washington, had received, though a company official had once described him as having a $100,000 a year retainer. But Obama aides said he had never lobbied for MBNA and that there was nothing improper about the payments.

Campaign officials acknowledged that the connection between the Bidens and MBNA, the enormous financial services company then based in their home state of Delaware, was one of the most sensitive issues they examined while vetting the senator for a spot on the ticket.

Mr. Biden’s support for the bankruptcy changes, which were signed into law in 2005, puts him at odds with Mr. Obama of Illinois, who opposed the bill and has criticized the presumptive Republican nominee, Senator John McCain of Arizona, for supporting it. Consumer advocates and other Democratic allies remain sharply critical of Mr. Biden’s actions, saying in recent days that they could hamper the campaign’s efforts to attack the Republicans over their handling of the nation’s credit crisis.

The financial services industry began seeking relief from Congress in the mid-1990s from an increase in bankruptcies that was cutting into its profits. Its initial support came from Republican lawmakers, who repeatedly introduced bills to make it more difficult for consumers to erase their debts. During that time, executives at MBNA, which was bought in 2006 by Bank of America, began donating heavily to both major political parties and many national politicians, including Mr. Biden.

In late 1996, the company hired the younger of Mr. Biden’s two sons, Robert Hunter Biden, known as Hunter, who had just graduated from Yale Law School, as a lawyer. The company promoted Mr. Biden to senior vice president by early 1998. And after the younger Mr. Biden worked at the Commerce Department on electronic commerce issues from 1998 to 2001, MBNA hired him back on a monthly consulting contract to advise it on such issues, aides said.

Consumer advocates say that Senator Biden was one of the first Democratic leaders to support the bankruptcy bill, and he voted for it four times — in 1998, 2000, 2001 and in March 2005, when its final version passed the Senate by a vote of 74 to 25.

Travis Plunkett, legislative director of the Consumer Federation of America, a consumer group that opposed the bill, said that Senator Biden had provided a “veneer of bipartisanship” that eventually helped the credit card companies win over other Democrats. “He provided cover to other Democrats to do what the credit industry was urging them to do,” Mr. Plunkett said.

Aides to the Obama campaign said Sunday that Senator Biden’s goal was always to strike a workable compromise between the competing interests on the bankruptcy bill, and that he was not influenced by his son’s work for MBNA or the campaign donations. They said he had sought several changes in the bill to protect consumers that upset MBNA executives, then the largest employer in Delaware, while acknowledging that he also voted against other amendments proposed by other Democrats.

Hunter Biden, through his assistant at his law firm, Oldaker Biden & Belair, referred a request for comment to the Obama campaign. James Mahoney, the head of corporate communications for Bank of America, said the consulting arrangement had ended by the time Bank of America took over MBNA in January 2006.

“Senator Biden has a 35-year record fighting for people against powerful interests, whether it’s drug companies, oil companies or insurance companies,” David Wade, a spokesman for the Obama campaign, said in a statement. “He took plenty of knocks from the largest employer in his state because he demanded changes in the bankruptcy bill. But legislating requires compromise. Senators cast tough votes. Congress worked on the bankruptcy bill for nearly a decade, over five Congresses, to forge a bipartisan compromise.”

Mr. Wade added: “Senator Biden took on entrenched interests and succeeded in improving the bill for low-income workers, women and children. There were times when amendments on both sides would have blown up a bipartisan compromise backed by three-quarters of the Senate. At those moments, Senator Biden had to make the tough calls and voted to pass a bill.”

Mr. Wade said Senator Biden took extra steps to protect consumers in votes to require people in bankruptcy to continue paying child support or alimony. He also took steps to affirm that the bill exempted debtors who have serious medical problems, are veterans or are in the armed service, the aide said.

But a review of the legislative record finds as many instances when Mr. Biden joined Republicans to defeat attempts by his Democratic colleagues, including Mr. Obama, to soften the bill’s impact on those same constituencies. He was one of five Democrats in March 2005 who voted against a proposal to require credit card companies to provide more effective warnings to consumers about the consequences of paying only the minimum amount due each month. Mr. Obama voted for it.

Mr. Biden also went against Mr. Obama to help defeat amendments aimed at strengthening protections for people forced into bankruptcy who have large medical debts or are in the military; Mr. Biden argued that the amendments were unnecessary because the legislation already carved out exemptions for those debtors. And he was one of four Democrats who sided with Republicans to defeat an effort, supported by Mr. Obama, to shift responsibility in certain cases from debtors to the predatory lenders who helped push them into bankruptcy.

In many of these battles, Mr. Biden’s Democratic colleagues often voiced their frustration with the big financial interests arrayed against them. Senator Paul Wellstone specifically cited MBNA during a floor debate in March 2001 over his call for stronger protections for debtors forced into bankruptcy because of medical bills — an amendment that Mr. Biden would later vote against.

“It just so happens that the people who find themselves in terrible economic circumstances through no fault of their own — major medical bills, they have lost their jobs, or there has been a divorce — it is my view as a former political scientist and now a senator for the State of Minnesota that those people do not have the same kind of clout that MBNA Corporation has,” Mr. Wellstone said.

Mr. Biden’s supporters also point out that the Republicans controlled the Senate for much of the time when the bankruptcy bills were under consideration. MBNA employees have given Mr. Biden more than $214,000 in campaign donations over the years, the largest amount in his coffers tied to any single company. But the company’s employees have given even more lavishly to President George W. Bush and top Republican lawmakers.